.contact us |.about us

Highlights ... ...
Search:
    Advertisement
Export surge affects rebate plan
( 2003-09-23 09:53) (China Daily)

China's reform programme to cut tax rebates for exports seems to have temporarily hit an impasse partially due to stronger-than-expected performance of the export sector - which entails higher payouts from the government.

Since reforms are contingent on the government paying off outstanding rebates before they are introduced, officials and economic researchers admitted that the reform plan has been affected by the surprisingly fast growth of exports.

The central government's 2003 budget for export-tax rebates was based on a 7-per-cent growth for exports forecast by the former Ministry of Foreign Trade and Economic Co-operation.

Even according to more aggressive estimates by some government thinktanks, China's exports were projected to grow by 15 per cent at most.

But the country's exports soared by 32.5 per cent to US$265.79 billion in the first eight months of this year; and are expected to turn in at least a 30-per-cent rise for the full year.

"Because of the heavily-underestimated growth for exports, the Ministry of Finance has drafted a too-low budget for this year's tax rebates," said an official with the State Development and Reform Commission.

The official, who did not want to be identified, suggested that the timetable for the tax rebate reform may be determined by how soon the central government pays off unpaid export tax rebates.

As a result of the robust export growth, unpaid export tax rebates may top 300 billion yuan (US$36.28 billion) by the end of this year, according to statistics from the Development Research Centre of the State Council.

Guangzhou-based 21st Century Business Herald, however, reported yesterday that the Ministry of Commerce is soon to unveil the long-awaited reform plan.

In line with the new policy expected to be in force early next year, the average tax rebate rate will be slashed to 12.11 per cent from the present average of 15 per cent.

The proposed reduction is one percentage point lower than the four-percentage-point cut earlier predicted by trade experts.

Meanwhile, the central and local governments are required to, respectively, pay 75 per cent and 25 per cent of export tax rebates from January 1, 2004.

Currently, the central-government coffers are solely responsible for paying export tax rebates, which totalled 158.9 billion yuan (US$19.21 billion) last year.

The export-tax rebate policy was introduced in 1986 as a major effort to spur exports and played an important role in keeping the yuan stable in 1997 amid the Asian financial crisis.

Although trade experts believe the rebate reform may greatly help ease mounting pressure for a yuan revaluation, they have strongly warned against potential threats posed by the policy change to the export industry.

They fear the proposed policy will damage the competitive edge of Chinese exporters and finally lead to the loss of market share.

Despite the impact from the US-led war against Iraq and outbreak of SARS (severe acute respiratory syndrome), China's exports have maintained a quick expansion.

In August, China's exports recorded a year-on-year increase of 27.2 per cent to reach US$37.4 billion.

Zhang Yansheng, director of the Institute of Foreign Economic Studies under the State Development and Reform Commission, attributed the export surge mainly to the huge influx of foreign investment.

"Overseas investment has played a positive role in spurring export growth," he said.

During the first eight months of this year, actual and pledged foreign direct investment soared by 18.4 per cent and 34.33 per cent respectively to US$36.67 billion and US$67.53 billion.

Government data show that exports by foreign-funded enterprises contributed to over 60 per cent of the country's total export growth between January and August.

   
Close  
  Go to Another Section  
     
 
 
     
  Article Tools  
     
  E-Mail This Article
Print Friendly Format
 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved  
主站蜘蛛池模板: 久久精品中文无码资源站| 全彩熟睡侵犯h| 色www永久免费网站| 大学生久久香蕉国产线看观看| 中文字幕第12页| 日韩午夜高清福利片在线观看| 亚洲愉拍一区二区三区| 热99re久久精品精品免费| 办公室震动揉弄求求你| 色聚网久久综合| 国产在线拍揄自揄拍无码| 亚洲精品视频在线观看你懂的| 国产高清在线视频伊甸园| a级毛片免费观看网站| 尤物网站在线播放| 中文字幕成人在线| 日本花心黑人hd捆绑| 九歌电影免费全集在线观看| 欧美双茎同入视频在线观看 | 久久精品欧美一区二区| 欧美人与牲动交xxxx| 亚洲欧美日韩中文综合v日本| 特黄aa级毛片免费视频播放| 免费国产黄网站在线观看视频| 精品国偷自产在线视频99| 噜噜噜噜噜在线观看视频| 色五月五月丁香亚洲综合网| 国产亚洲人成在线影院| 韩国理伦片在线观看手机版| 国产女人高潮抽搐喷水免费视频 | 无码国产精品一区二区免费式芒果| 久久精品国产99久久久| 日韩视频免费看| 九九热线有精品视频99| 最近中文字幕高清2019中文字幕| 亚洲乱码日产精品BD在线观看| 欧美孕交videosfree黑| 亚洲国产成人va在线观看| 欧美国产日韩久久mv| 亚洲中文字幕久久精品无码2021| 欧美变态口味重另类在线视频|